Ga. Comp. R. & Regs. R. 560-12-2-.108 - Bullion, Coins, or Currency
(1)
Definitions. For the
purposes of this Regulation, the following definitions and explanations of
terms shall apply:
(a)
Bullion.
The term "bullion" means bars, ingots, or coins of gold, silver,
platinum or any combination thereof, which has been processed by coining,
smelting, refining, or in some other manner and where the sales price depends
upon the content of the metal and not the form. Such term shall not include
jewelry, works of art, or items used for industrial or professional
purposes.
(b)
Coins or
Currency. The term "coins or currency" means a coin or currency or any
combination thereof made of gold, silver, platinum, or other metals or paper
which has been or may be used as legal tender under the laws of any state, the
United States of America, or any foreign state or nation. Such term shall not
include any coin or currency or combination thereof that has been incorporated
into a piece of jewelry or artwork.
(c)
Legal Tender. The term
"legal tender" means coin or currency that at the time of issue or sale a
creditor would be required to accept in payment of a debt.
(d)
Medal. The term "medal"
means a medallion, token, or coin that has never been accepted as legal tender
and was created to commemorate a specific event, place, person or
thing.
(2)
Bullion, Coins or Currency. The sale of bullion, coins or currency
is not subject to sales and use tax. The dealer is required to maintain
documentation of the exempt transaction as provided for within this
Regulation.
(3)
Jewelry or
Other Works of Art. The sale of jewelry or other works of art that
contain bullion, coins or currency is subject to sales and use tax.
(4)
Medals. The sale of medals
is subject to sales and use tax. However, medals of gold, silver, platinum, or
any combination thereof, whose sales price is based on the content of the
metal, and not the form, are not subject to the tax.
(5)
Records. The dealer is
required to maintain proper documentation of any transaction, whole or in part,
which is considered to be exempt. Proper documentation for the purpose of
transactions involving coins or currency will describe the country of issue,
denomination, and sales price of each item, items, lots, groups or sets of
coins or currency. In the case of a transaction involving bullion, the proper
documentation will describe the metal, quantity, form (such as bars or ingots),
and sales price of each item, items, lots, groups or sets of bullion.
Notes
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